1998 CAFR - Laserfiche WebLink

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Community Development Block Grant Fund The Community Development Block Grant Fund was established in 1998 to account for all revenues and expenditures for the program activities. On December 31, 1998, the fund balance was $3,321. DEBT SERVICE FUNDS Debt Service Funds are used to account for the current year payment of matured principal and interest on long-term general obligation debt. Sources available for payment of the debt service are provided by special assessments, tax increments, general property tax levies and interest earnings on investments. The combined fund balance at December 31, 1998, was $157 compared to $2,099 on December 31, 1997. CAPITAL PROJECT FUNDS Capital Project Funds are those funds established to account for the financial resources to be used for the acquisition or construction of major capital facilities, other than those financed by Enterprise or Trust Funds. State Aid Construction Fund The State Aid Construction Fund was established to account for state-aid allotments used by the City for improvement projects to thoroughfare streets designated as municipal state aid streets within the City. The fund balance on December 31, 1998, was $807,377 compared to $760,754 on December 31, 1997. Public Facilities Construction Fund The Public Facilities Construction Fund is used to account for resources to be used in acquisition of land and construction of public facilities. On December 31, 1998, the fund balance was $349,315, compared to $311,356 on December 31, 1997. Section 22 Drainage District Fund The Section 22 Drainage District Fund is used to account for storm sewer drainage projects within the special district established in accordance with Minnesota Statutes § 444.20. The City may levy for expenditures associated with the construction and maintenance of storm sewer systems and related facilities. The fund balance as of December 31, 1998, was $(12,527), compared to $(5,325) on December 31, 1997, Comprehensive Plan Fund The Comprehensive Plan Fund was established to account for resources that are to be used as they pertain to the planning and future development of the City. The fund balance on December 31, 1998, was $13,155, compared to $21,771 for 1997. -xvi-